This is it twitter elon musk After months of legal drama, bad memes and will-they-or-won’t-they-chaos to put your favorite rom-com to shame, Elon Musk has closed his $44 billion acquisition of Twitter. Musk signed the deal on Thursday night. He took Twitter private and fired a few top executives, including CEO Parag Agrawal.
Twitter elon musk: Musk fired CFO Ned Segal
Head Legal, Policy and Trust Vijaya Gadde, and General Counsel Sean Edgett on Thursday, according to reports.
It’s an aggressive and sudden Day One move, but Agrawal was expected, considering his well-documented clashes with Musk and a failed virtual meeting.
It is not surprising that Gadde was one of the first to leave, despite being respected within the company. Musk had previously accused Gadde of being “left-wing biased” for her role in Twitter’s policy decisions, which led to a tsunami of hateful and harassing comments.
It has been a bumpy road to taking Twitter private. Musk was first interested in the possibility of owning Twitter when he purchased 9.2% of the company for $3Billion in April. He didn’t stop there.
Twitter elon musk: Ten days later, SpaceX and Tesla CEO Musk declared his intention to purchase Twitter for $44 Billion.
Twitter accepted the deal but Musk quickly became irritated and tried to end the transaction by threatening to sue the Delaware Court of Chancery. Musk declared that he would continue after all the embarrassing pre-trial discovery and a fast approaching date for his deposition.
It is not clear why Musk decided to backtrack and agreed to purchase Twitter. Musk and his legal team may have read the tea leaves during their upcoming trial, originally scheduled to start on October 17.
Twitter sued Musk in the summer to get the Tesla and SpaceX CEOs to sign the agreement.
Twitter elon Musk sued Twitter in response
He claimed that Twitter misled him about the number automated accounts on the platform. This is critical information for brands and advertisers who need human eyes to view their paid ads.
As the litigation between Musk, Twitter and Delaware Chancery Court escalated, Judge Kathaleen McCormick of Delaware Chancery Court made it clear that she was not here to laugh at Musk’s wild antics.
When Musk again announced that he would purchase Twitter if the trial was stopped, Judge McCormick agreed to allow Musk to close the deal before Friday, October 28.
We’d all be looking forward to a new Musk/Twitter trial in November if he missed the deadline
This is the first day Elon Musk has officially owned Twitter. It’s not yet clear what direction Musk intends to take the platform.
In the past, the chaotic and contradictory billionaire promised to restore the account of former President Trump, get rid of automated bots from the platform, which he found personally annoying (good luck).
He also praised Twitter’s potential to be a neutral ground and counterbalance to his criticisms of traditional media outlets that sometimes do not report positively on his activities.
Twitter, in reality, is a struggling platform that has become a prominent one. It hosts heads of state and hardcore porn and, after a long period of stagnation, it finally began to make improvements to its products.
It is unclear if Musk will reverse the clock or make some progress while still claiming to invent the wheel (monetizing creators, a truly original idea).
It’s hard to see how Musk can achieve his goals while potentially destroying the company’s workforce. Musk’s denial that he plans on cutting 75% of Twitter staff is not reassuring considering that thousands of workers would be affected by the decision to lay off a third of or half of them.
Musk also spoke a lot about how Twitter would reverse its moderation and safety efforts. However, he suddenly realized that this could make advertisers extremely nervous, and published a letter on Thursday reassuring them.
“Twitter cannot become a free for all hellscape where anyone can say anything without consequences!” He wrote that he was retracting his promises to make Twitter a “free-for-all hellscape”.
While we don’t know the future of one of the most popular social networks in the world, we do know that Musk took control of Twitter for $44Billion.
The end of the long-running saga at Twitter is only the beginning of a new chapter. Millions of questions remain about the value of the platform, its purpose, and what Musk plans to do with it.